Theafaquecommunity

 In 1991, a pivotal moment occurred in the Indian economy, marked by transformative changes that shaped its trajectory for years to come. At the heart of this transformation was the process of liberalization. Essentially, liberalization refers to reducing government restrictions and allowing markets to operate more freely. In simpler terms, it meant opening up India's economy to global influences and fostering a more competitive environment. The catalyst for these changes was a severe balance of payments crisis that compelled the Indian government to rethink its economic policies.     Liberalization brought about a wave of reforms, including the dismantling of industrial licensing, reduction of trade barriers, and encouragement of foreign investment. The goal was to boost economic growth by attracting foreign capital and fostering domestic competition. This shift had a profound impact on the Indian economy, spurring growth, fostering innovation, and creating job opportuni...